ENGLEWOOD, COLO. — NAI Shames Makovsky has arranged the sale of an office building in Englewood, a suburb seven miles south of Denver. Choice Screening Inc. acquired the property from Concord LLC for $2.2 million. Located at 8668 Concord Center Drive, the property features 13,225 square feet of office space. Trent Rice of NAI Shames handled the transaction.
LAKEWOOD, COLO. — Newmark Knight Frank Multifamily has negotiated the sale of West Line Flats, a newly delivered Class A multifamily asset in Lakewood. 6500 W. 13th Denver LLC sold the property to an undisclosed buyer for $40.2 million. Located at 6500 13th Ave., the property offers 155 apartments featuring sliding barn doors, granite countertops, Energy Star appliances, wood-style flooring, walk-in closets, stacked full-size washers and dryers, and private balconies or patios. Community amenities include a rooftop deck with hot tub and fire pit, a 24-hour fitness center with a yoga and barre studio, detached garages, a ski and bike tune-up shop, and a dog park. West Line Flats was jointly developed by Oak Brook, Ill.-based Inland National Development Co. and Colorado-based Momentum Development.
FORT COLLINS, COLO. — FourPoint Student Housing Investments has arranged the sale of Stadium Apartments, a 389-bed student housing community located near Colorado State University in Fort Collins. The property offers fully furnished units with shared amenities including outdoor hot tubs, a fitness center, clubhouse and rooftop lounge. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint represented the seller, CSU Student Housing, in the transaction. A joint venture between an affiliate of Heitman and Timberline Real Estate Ventures acquired the property for an undisclosed price.
LITTLETON, COLO. — AvalonBay Communities, an equity REIT, has purchased Ironwood at Red Rocks, a garden-style multifamily property located in Littleton. Embrey Partners developed and sold the property for an undisclosed price. The property features 256 units in a mix of one-, two- and three-bedroom units, the largest of which averages more than 1,300 square feet. Units feature large kitchen islands, under-mount sinks, granite countertops, stainless steel appliances, full-size washers and dryers, large patios and balconies, and spacious walk-in closets. Community amenities include a clubhouse, state-of-the-art fitness center, indoor yoga with spin bikes, a game room with billiards and shuffleboard, a resort-style pool with tanning ledges and a heated spa, an outdoor kitchen and lounge area with a fire pit, a catering kitchen and dining room, private garages and carports, a bike/ski workshop, and a pet spa. Shane Ozment and Terrance Hunt of Newmark Knight Frank Multifamily represented the seller in the transaction.
DENVER — A joint venture between Patrinely Group and USAA Real Estate has received construction financing for Block 162, a speculative Class AA office tower located at 675 15th St. in Denver’s Midtown West submarket. Leon McBroom and Eric Tupler of HFF arranged the four-year loan through PCCP LLC for the borrower. Upon completion, the 30-story office tower will offer 9,900 square feet of ground-level retail and parking in three below-grade and nine above-grade decks. The core and shell of the 595,039-square-foot building is being constructed to meet LEED Gold certification. The building will feature rectangular floor plates, floor-to-ceiling glass for maximum natural light, 10-plus foot ceiling heights, on-site security and panoramic views of the Front Range and downtown. Additional on-site amenities will include an 11th-floor sky terrace with social lounge, an activated outdoor fitness area in conjunction with a full-service indoor fitness center, bike storage, and 2,800 square feet of conference and meeting space.
COLORADO SPRINGS, COLO. — HFF has arranged $31 million in financing for Province Springs, a 160-unit independent living community in Colorado Springs. The borrower is Paxion Real Estate Holdings, an affiliate of The Wolff Company. The floating-rate bridge financing retires existing construction debt. Province Springs is located just east of multiple retail and entertainment amenities and just north of Peterson Air Force Base and Colorado Springs Airport. Completed earlier this year, the property features a mix of studio, one- and two-bedroom units averaging 810 square feet. The HFF team representing the borrower included Nicole Brickhouse and Leon McBroom.
DENVER — CIT Group’s real estate finance business served as sole lead arranger of a $91 million senior secured loan. The funds will be used for the acquisition of the Sheraton Denver Hotel in downtown Denver. The borrower is a joint venture between High Street Real Estate Partners and Eagle Four Partners. Located on along the 16th Street pedestrian mall, the hotel features 1,231 guest rooms and 133,000 square feet of meeting space.
FORT COLLINS, COLO. — The Neenan Co. has started constructed of the new headquarters for Madwire in Fort Collins. Owned by 2001 Danfield LLC, a Northern Colorado investor group that includes Curt Burgener, Brian Stahl, Dave Derbes and Troy Peterson, the 102,000-square-foot is being developed by Peakstone Development. Located at 3405 S. Timberline Road, the redeveloped property will activate a building that has been vacant for two years. The digital marketing software company will expand into the remodeled 102,000-square-foot building, which will accommodate 700 employees. Madwire currently occupies 70,000 square feet in a multi-tenant office building. The project will revitalize the vacant facility, which was built in 1980. The remodeled building will feature breakout spaces, an auditorium, a large gym with multiple sport offerings, and an outdoor patio and deck. Completion is slated for May 2019.
LAKEWOOD, COLO. — Bridge Investment Group, in partnership with Denver-based DPC Cos., has acquired Denver West Business Park, a 20-building flexible office campus located near downtown Denver, for an undisclosed price. Situated in Lakewood, the 82-acre asset features 14 buildings on the south side of Interstate 70 and six buildings on north side of the interstate. Originally built between 1974 and 1981, Denver West has undergone more than $25 million in capital improvements since 2014 and was 78 percent occupied at the time of sale. Recent renovations include roof replacement for all 20 buildings, base building repairs and $8.1 million in accretive cosmetic investment. Bridge and DPC plans to invest $14 million over the next three to four years in additional capital improvements. Planned renovations include modernizing the lobbies, elevators, restrooms, entrances, corridors, landscaping and existing amenities. New amenities will include paddle boarding, lakeside gazebos and other activities that resonate with the live-work-play workforce. DPC Cos. will oversee all leasing, property management and redevelopment work.
CONIFER, COLO. — Dormie Capital Holdings has acquired Conifer Marketplace, a shopping center located at 10853 Highway 285 in Conifer, approximately 30 miles southwest of Denver. An undisclosed seller sold the property for $10.6 million. Built in 1984, the 86,659-square-foot retail property was 92 percent occupied at the time of sale. Tenants include Staples, O’Reilly Auto Parts and Anytime Fitness. Legend Investment Group, a division of Legend Partners, represented the seller. Matt Call and Heather Taylor of Navpoint represented the buyer in the deal.